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No doubt that a Company registered under British Law may fly the British Flag although all the shareholders may be foreigners because it is a body corporate who own the ship and not the shareholders who have only an interest therein.
With reference to the "principal place of business" it has been decided that this means a place within the jurisdiction where the business of the firm is carried on in the firm's name by a partner of or some person who is in the pay of the firm.
The authorities for this appear in a note to Order 48a Rule 3 of the Annual Practice. Provided therefore the registered office of the Company is within the jurisdiction and there is somebody there carrying on whatever business of the Company there may be, who is paid by the Company, the Company comes within the above quoted definition and is a corporation who are entitled to own a British ship.
It would be interesting to inquire into the way the other firms owning launches on the Swatow river which fly the British Flag have got over that part of the declaration necessary to be made before they can do so which states that a vessel is owned by British subjects.
Yours faithfully,
(Signed) Deacon, Looker and Deacon.